NEW YORK, Feb. 8, 2008 (PRIME NEWSWIRE) -- The Rosen Law Firm PA Announces the Notice of Pendency and Settlement of Class Action Involving HydroFlo, Inc.
UNITED STATES DISTRICT COURT
FOR THE EASTERN DISTRICT OF NORTH CAROLINA
EASTERN DIVISION
CASE NO. 4:05-CV-00152-F(3)
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RUSSELL TODD HUTTENSTINE, RONALD
A. SCHINDELER, ROBERT G. COLE,
JAMIE SLAUGHTERBECK, THOMAS
FORTANIER, and WILLIAM SCHUTTER,
on behalf to themselves and all other similarly situated,
Plaintiffs,
v. CLASS ACTION
DENNIS MAST, GEORGE A. MOORE,
SHANE TRAVELLER, ROSS W. SMITH,
HYDROFLO, INC., and METALS AND
ARSENIC REMOVAL TECHNOLOGY, INC.,
Defendants
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SUMMARY NOTICE
TO: ALL PERSONS WHO ACQUIRED THE COMMON STOCK OF HYDROFLO, INC. DURING THE PERIOD FROM JULY 18, 2005 THROUGH AND INCLUDING OCTOBER 26, 2005.
YOU ARE HEREBY NOTIFIED, pursuant to an Order of the United States District Court for the Eastern District of North Carolina that a hearing will be held on April 10, 2008 at 10:30 a.m., before the Honorable James C. Fox, United States District Judge, at the United States District Court for the Eastern District of North Carolina, Courtroom #1, Alton Lennon Federal Building, 2 Princess Street, Wilmington, NC 28401 for the purpose of determining: (1) whether the Class should be certified, for the purposes of settlement, pursuant to Rule 23 of the Federal Rules of Civil Procedure, consisting of all persons who acquired any common stock of HydroFlo during the period from July 18, 2005 through and including October 26, 2005, and were damaged thereby. Excluded from the Class are the Defendants and all current and former officers and directors of Defendants, and the members of their immediate families and Defendants' legal representatives, heirs, predecessors, successors and assigns and any entity in which any Defendant has or had a controlling interest or is a parent or subsidiary of or is controlled by HydroFlo, and any persons who have separately filed actions against one or more of the Defendants based in whole or in part on any claim arising out of or relating to any of the acts, omissions, misrepresentations, facts, events, matters, transactions or occurrences referred to in the Action or otherwise alleged, asserted or contended in the Action; (2) whether the proposed settlement (the "Settlement") of this Action for $425,000 in cash plus accrued interest (the "Settlement Fund") should be approved by the Court as fair, reasonable, and adequate; (3) whether the Plan of Allocation is fair, reasonable, and adequate and therefore should be approved; (4) whether the motion of Lead Plaintiffs' Counsel for an award of attorneys' fees and reimbursement of expenses should be approved and an award to Lead Plaintiffs should be granted; and (5) whether this Action should be dismissed with prejudice.
If you acquired any common stock of HydroFlo during the period described above, your rights may be affected by the settlement of this Action. If you have not received by mail the Notice of Pendency and Settlement of Class Action, which more completely describes the Settlement and your rights thereunder, and/or a Proof of Claim and Release form, you may obtain copies of these documents by identifying yourself as a member of the Class and by writing to: Claims Administrator, HydroFlo, Inc. Securities Litigation, c/o Strategic Claims Services, PO Box 230, Media, PA 19063, or by calling (866) 274-4004 or by downloading a copy from www.rosenlegal.com. To share in the distribution of the Settlement Fund, you must establish your rights by filing a Proof of Claim and Release form on or before April 28, 2008. You will be bound by any judgment rendered in this Action whether or not you make a claim.
If you desire to be excluded from the Class, you must submit a Request for Exclusion postmarked by March 13, 2008, in the manner and form explained in the detailed Notice referred to above. All members of the Class who have not requested exclusion from the Class will be bound by any judgment entered in the Litigation pursuant to the Stipulation.
Any objection to the settlement must be mailed or delivered such that it is received by each of the following no later than March 13, 2008:
Clerk of Court
United States District Court for the
Eastern District of North Carolina
2 Princess Street, Room #239
Wilmington, NC 28401
Lead Counsel for Plaintiffs
Laurence Rosen, Esq.
Phillip Kim, Esq.
THE ROSEN LAW FIRM PA
350 Fifth Avenue, Suite 5508
New York, NY 10118
Liaison Counsel for Plaintiffs
Kevin Cartledge, Esq.
WILSON & COFFEY, LLP
110 Oakwood Drive, Suite 400
Winston-Salem, NC 27103
Counsel for Defendants
Donald J. Harris, Esq.
HARRIS, WINFIELD & HODGES, LLP
255 Hillsborough Street
Suite 260
Raleigh, NC 27603
L. Neal Ellis, Jr.
HUNTON & WILLIAMS LLP
One Bank of America Plaza
421 Fayetteville Street
Suite 1400
Raleigh, NC 27601
Inquires should NOT be directed to HydroFlo, the Court, or the Clerk of Court.
Dated: January 14, 2008
BY ORDER OF THE UNITED STATES DISTRICT COURT FOR THE EASTERN DISTRICT OF NORTH CAROLINA HON. JAMES C. FOX